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Hamptons Agents Sum Up 2015 in Real Estate, Part II

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We asked a number of prominent local agents their conclusions about the year that just passed and make some predictions for the future. Today we have Gary DePersia and Patrick Mclaughlin.

Gary DePersia, Corcoran
How was business in 2015 compared to other years?
I felt it was generally a good year. Rentals were more challenging but sales were robust even going into the last few weeks of the year.

What was the most interesting thing to happen in Hamptons real estate this year?
The surge of sales in new construction North of the Highway at prices that continue to set new levels.

What's the thing you're most proud of personally for accomplishing this year?
Continuing to represent some of the finest properties in the Hamptons with a great many of my exclusive listings that sold or going to contract soon after listing. I am also quite proud of the kudos my team continues to receive from buyers, sellers, landlords and renters as well as from the brokerage community for their outstanding responsiveness and performance.

What's the current hottest real estate market? What areas do you see rising in the future?
Sag Harbor continues to see a great increase in interest and prices as buyers discover the many variations of the only town where its marinas meet its Main Street and well over a dozen restaurants both on and off the water within walking distance of each other.

What's your outlook for 2016?
With all the interest I am getting at the close of 2015, I see a very busy year to come. Time will tell but I am very optimistic.

Patrick Mclaughlin, Elliman
How was business in 2015 compared to other years?
It was brisk all summer but unlike last year, the fall was a little slow. The 2.5-5 million dollar range seems to be suffering the most with a flooded inventory and homes languishing on the market for extended periods. In this price range, unless it's perceived as being a "great value" it's not even being shown.

What's the current hottest real estate market? What areas do you see rising in the future?
It appears that everyone wants to be in Sag Harbor. I think this will continue to grow unless the town and village continue to make it difficult for builders and home owners to get permits. If the latter happens, property values in what is currently a "hot hamlet" will drop like a lead balloon.

What's your outlook for 2016?
Interest rates are slowly ticking up but money is still cheap. That will keep the market healthy for at least the next year. Also, perceived threats and fear about foreign travel will have more folks staying local this coming summer. So yes, the Hamptons will be even MORE crowded next year!